PANJIM: The State government on Thursday notified a scheme, ‘Interest Subsidy on Loans for Agriculture and Allied Activities (Revised)’ that will be valid until March 31, 2025, which is aimed at making the sector more viable for the stakeholders concerned. This comes against the backdrop of farmers and those in fisheries suffering financially during the COVID-19 pandemic.
The notification issued by Nevil Alphonso, director of Agriculture and ex-officio Joint Secretary, says the government desires to facilitate the farmers to access concessional loans by providing interest subsidy on loans for “Agriculture and Allied Activities” availed from the banks on prompt repayment.
It is to be noted that for the short term crop loans, up to Rs 3 lakh is eligible. With respect to “Short Term Agriculture Loans”, all loans conforming to the Government of India’s interest subvention scheme shall be eligible for interest subsidy.
In addition, Krishi Card is mandatory for agriculture and animal husbandry farmers. Further, as per the Centre’s directions, banks have to extend the facilities of Kisan Credit Card (KCC) to Animal Husbandry Farmers and Fisheries (AH and F) also to help them meet their working capital requirements.
Those eligible under KCC are poultry farmers, dairy farmers, and those involved in inland fisheries, marine fisheries and aquaculture.
Regarding “Agriculture Term Loans”, those farmers availing agriculture loans up to Rs 5 lakh, whether crop loan or working capital for AH and F activities or for investments in agriculture and allied activities, will be getting the benefit of interest subsidy under this scheme.
Regarding the receipt of application and disbursal of loan, farmers under Agriculture and Animal Husbandry and Veterinary Services shall directly approach the banks with requisite documentation (Krishi Card).
In case of loans for Fisheries, the applicants will apply through the Directorate of Fisheries, which will scrutinise the applications and forward them to the nearest bank branch as per preference indicated by the farmer within 15 days of receipt of application. The banks will sanction loans as per usual norms including approved scales of finance.
